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Friday, May 27, 2011

Atlanta Office Space rebound still on hold

New commercial real estate reports say office rental rates are at 2004 levels, after ticking up in the first quarter. That shows some stabilization, said Scott Amoson, director of research for Colliers, as the rate had been steadily declining.

But he and other experts believe landlords still have years to wait for major improvements in rates -- and demand to drive them -- because job growth remains lackluster in the region.

The average rental rate was $20.06 per square foot in metro Atlanta last quarter, according to data from real estate services firm Jones Lang LaSalle. Colliers reported a very small uptick to $19.22 per square foot. Real estate firms often have different numbers, based on what data they include.

The overall vacancy rate in metro Atlanta rose very slightly in the quarter to 22.5 percent, according to Jones Lang LaSalle, and to 18.3 percent according to Colliers.

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